Forever 21, a major fast fashion retailer, is facing financial challenges and has filed for Chapter 11 bankruptcy protection in the US. The company is seeking rent reductions of up to 50% from landlords as it struggles to compete with more agile rivals in the market. Despite the difficulties, Forever 21 is not currently considering a second bankruptcy filing but is focusing on restructuring its leases to reduce costs. The retailer's problems stem from issues such as inventory management and understanding consumer needs in the saturated fast fashion industry. Even after closing hundreds of stores post-bankruptcy, the retailer continues to struggle financially. Additionally, the performance of the Sparc Group, which operates Forever 21 and other retailers, has been impacted by the brand's financial position. Overall, Forever 21's situation is reflective of the challenges faced by many retailers in today's competitive market.